Re: Venezuela's Chavez: 'We Need' Foreign Oil Investment
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Jan 26, 2010 02:47PM
Crystallex International Corporation is a Canadian-based gold company with a successful record of developing and operating gold mines in Venezuela and elsewhere in South America
This is what Chavez wishes he had,
Jan 26 (Reuters) - Numerous energy companies have moved forward with Canadian oil sands plans in the past week, but there is little fear so far of the return to runaway inflation that marked the industry until 2008.
Here is a list of projects moving forward, or expected to move forward in 2010.
Horizon Expansion
Owner: Canadian Natural Resources Ltd
Type: integrated mining and upgrading
Estimated cost: in the billions of dollars
Production: undetermined. May more than double Horizon's capacity to 250,000 bpd
Canadian Natural expects to announce by the end of this year how it will proceed with the expansion of the project, the first phase of which cost C$9.7 billion ($9.2 billion). Its vice-chairman said last week that it is waiting until output from the first stage is stable at 110,000 bpd to finalize plans.
Kirby
Owner: Canadian Natural
Type: steam-assisted gravity drainage
Estimated cost: C$600 million-C$700 million
Production: 45,000 bpd starting around 2013
Company is waiting for regulatory approval and expects to make a sanctioning decision by the end of 2010. The steam-assisted gravity drainage technology involves pump steam into the ground, which loosens up the tar-like bitumen so it can be pumped to the surface in wells.
Sunrise
Owners: Husky Energy Inc and BP Plc
Type: Steam-assisted gravity drainage
Estimated cost: C$2.5 billion
Production: first 60,000 bpd phase starting in 2014
Husky and BP agreed to form a joint venture to develop the Sunrise project in 2007 along with jointly operating and upgrading BP's 155,000 bpd refinery in Toledo, Ohio. They had slowed development of Sunrise in 2009 while searching for ways to cut development costs. The work appeared to reduce the price tag of Sunrise by more than C$1 billion, Husky said.
Surmont Expansion
Owners: ConocoPhillips and Total SA
Type: Steam-assisted gravity drainage
Estimated cost: in the billions of dollars
Production: 110,000 bpd, up from current output of 27,000, by 2015.
The companies said in January that they had decided to proceed with the expansion of the project.
Firebag Stages 3 and 4
Owner: Suncor Energy Inc
Type: Steam-assisted gravity drainage
Estimated cost: C$900 million remaining for Stage 3, Stage 4 cost pegged at about C$2 billion
Production: Stage 3, 68,000 bpd in Q2 2011; Stage 4 68,000 bpd end 2012.
Suncor slammed the brakes on Firebag Stage 3 half way through development as the oil industry downturn took hold in 2009. After having taken over Petro-Canada, the company rekindled the plans in November.
Kearl
Owners: Imperial Oil Ltd , Exxon Mobil Corp
Type of project: Open-pit mining
Estimated cost: C$8 billion
Production: first 110,000 bpd phase by 2012.
In May 2009, Imperial became the first company following the industry downturn to announce it was going ahead with a multibillion-dollar oil sands project. Its executives had said they welcomed the less-strained construction environment following years of overstretched labor supplies and escalating costs.
($1=$1.06 Canadian) (Reporting by Jeffrey Jones; editing by Rob Wilson)